The New Zealand Dollar has edged higher by 61 points or 0.93% against the US Dollar since October 8. The currency pair tested a resistance cluster formed by the 100– and 200– hour SMAs at 0.6611 on Friday morning.
If the resistance cluster, as mentioned above, holds, bearish traders could pressure the NZD/USD exchange rate towards the 0.6580 area during the following trading session.
However, if the currency exchange rate breaks the 100– and 200– hour SMAs, bulls could target the monthly pivot point at 0.6639 within this session.
